Business Management,

Published: August 4, 2020

And New Methodologies in Marketing in the 21st Century

Entrepreneurs and small business owners must find new business models to guide them through the most significant challenge they have witnessed in their lifetime. Moving from the 90s to the 2000s, and the new millennium brought about changes from traditional marketing to that of the digital marketing concept. A different set of business management strategies due to the pandemic virus is now at hand. Business managerial business models of the past are no longer applicable today.

Entrepreneurs must be savvier due to a shrinking clientele base due to businesses closing and closing down and not reopening again. With a smaller pool of potential customers, small businesses must find unique marketing strategies to entice a new customer base. The building of relationships and being more empathetic to problems of the present with new tools can strengthen business carried into the future. Content marketing of offering something of value to prospects without asking for anything in exchange. The utilization of one’s expertise in educating the prospect in the area of interest that they can use and benefit in their prospective lives.

According to Martechseries, some 83% of business owners have changed their marketing tactics, and some 75% have remained opened and fighting to stay afloat. Thus, this is a time for small businesses not to cut back but invest in advertising, digital marketing, and other strategies that can boost revenues and building relationships with prospective customers. Marketing and lack of finance are two of the reasons why small businesses go out of business

Marketing After the Cornorvirus

Small business owners must move their message online and find out where their audience is and promote their brand and deliver a sympathetic message on how their business is utilizing this moment for the good of the many. Thus is a way of staying connected to one’s audience and showing a kindlier and gentler business image. Marketers must demonstrate their value amid this coronavirus lockdown, showing how their business principles focus on the community in which they serve.

In the end, we are all living in a new normal. It appears this process shall go on for at least for the next two years. So, we, as the public, must learn how to evolve and learn how to live with this virus. Homo sapiens have evolved over the millenniums into the human race of today. So we as marketers must continue to find ways to communicate our standards to the marketplace that in time would want to align themselves with our brand.

Will Independent Restaranters Survive Corvid-19?

Lastly, let us talk about one of the most heavily hit industries, the hospitality sector, especially the independent restaurant businesses here in the U.S., Where projected that 1-3 of these enterprises will not reopen. Rohini Dey, who is the owner of Vermillion, which is a restaurant in Chicago. Rohini, who has been in the restaurant business for the past 17 years and operated in New York for ten years. Rohini feels unless there is financial help from the government as larger firms, restaurant owners will need to find out how they will survive, or close permanently, and figure out a new career.

 Rohini continues with the independent restauranteurs employ some 11 million workers, and many of them are unemployed with a dismal future of returning to their primary career. Most people feel uncomfortable returning to restaurants and sitting down eating. Thus, many of the workers don’t feel safe returning to work as well. Therefore, workers have the anxiety possibility of bringing this virus home to their families.

With the mask-wearing and social distancing, people can not eat with a mask on, so the restaurant will lose business and find it hard to make a profit or even break-even. So what can we do? With a vaccine being about two years away and a population feeling uneasy or also sending their children back to school, what are we do as a nation? Let us know what you think by commenting on this blog.
Dr. Donald E. Mitchell

Editors notes: Dr. Donald E. Mitchell is an entrepreneur, and founder of Donald E. Mitchell Agency, Inc., which is a marketing agency. Dr. Mitchell works as a small business consultant within the firm to help small businesses grow their businesses through 21st-century marketing concepts. Follow Dr. Mitchell’s blogs that are released weekly on Mondays. The opinions are all Dr. Mitchell’s who holds a doctorate in Business Administration, with a focus on entrepreneurship and business management and has practiced business for forty years.

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